In economic analysis, air pollution, water pollution, and scenery destruction are considered to be
A) externalities.
B) internalities.
C) private costs.
D) opportunity costs.
Answer: A
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Although it has a population about half that of the United States, Japan has
A) many more banks. B) about 25 percent of the number of banks. C) more than 5000 commercial banks. D) fewer than 100 commercial banks.
E&S Cooling Co. installs air conditioning systems in new houses for homebuilders and replacement systems for homeowners. Sales of which systems are included in this year’s GDP?
A. Sales of replacement systems B. Sales of both systems C. Sales of systems in new houses D. Neither system would be included, because they are always intermediate goods
The __________ summarizes the output of the business, given the level of inputs.
A. average cost B. marginal function C. marginal revenue D. production function
Compare the following three ways to model expectations: animal spirits, adaptive expectations, and rational expectations
What will be an ideal response?